Philip Morris International Inc. (NYSE: PM) reported weaker-than-expected profit for its second quarter.

Philip Morris posted quarterly adjusted earnings of $1.14 per share, on revenue, excluding excise taxes, of $6.9 billion. However, analysts were expecting earnings of $1.23 per share on net sales of $7.11 billion.

Philip Morris lowered its 2017 earnings forecast to $4.78 to $4.93 per share, versus earlier outlook of $4.84 to $4.99 per share.

Equities Trading UP

Avista Corp (NYSE: AVA) shares shot up 18 percent to $51.11 after Hydro One announced a deal to buy Avista at $53 per share in cash.

Shares of Sarepta Therapeutics Inc (NASDAQ: SRPT) got a boost, shooting up 22 percent to $41.51 after the company reported stronger-than-expected quarterly revenue.

Highpower International Inc (NASDAQ: HPJ) shares were also up, gaining 12 percent to $4.60. Highpower International reported preliminary Q2 net income of $3.5 million to $4.1 million, and sales of $50 million to $52 million.

Initial jobless claims dropped 15,000 to 233,000 in the latest week. However, economists were expecting jobless claims to reach 245,000 last week.

The Philadelphia Federal Reserve manufacturing index dropped to 19.5 in July, compared to 27.6 in June. However, aconomists projected a reading of 24.
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The index of leading economic indicators rose 0.6 percent for June.